Asconi Corporation said yesterday (30 August) that the American Stock Exchange (AMEX) had notified the company that it was not in compliance with requirements for a continued listing under the AMEX Rules.

The breach was due to the wine and spirit producer failing to file its quarterly report on Form 10-QSB for the fiscal quarter to 30 June within the prescribed timeframe.

AMEX has told the company to submit a plan of compliance addressing the continued listing deficiency by no later than 8 September.

"The company plans to make a timely submission to the AMEX staff in which it will outline the timeframe within which the company intends to cure the listing deficiency and to regain its compliance with the AMEX continued listing requirements. The company must regain its compliance with such listing requirements no later than 6 October," an Asconi statement said.

In the event the AMEX staff does not accept the company's plan of compliance, the AMEX staff will initiate delisting proceedings.

"There is no assurance that the AMEX staff will accept the company's plan of compliance or that, even if such plan is accepted, the company will be able to implement the plan within the prescribed timeframe," the statement said.

The company may appeal a staff determination to initiate such proceedings and seek a hearing before an AMEX panel.

Asconi also said that it had been advised by its independent accountants Moore Stephens Lovelace, P.A. that they elected to resign from their engagement as the company's registered public accounting firm.